This is a sunny review of CoinDesk analyst and chartered market technician Omkar Godbole.
Bitcoin has violated the major support levels with a sign of increasing bearish momentum suggesting a risk of a slide to $ 100,000.
Top cryptocurrency by market value fell 6.5% in August, ending with a four -month winning streak as US funds listed in the US (ETFS) BLED $ 751 million, according to the data resource Socal.
The recent price drop has seen the Bitcoin break below some basic support levels, including Ichimoku Cloud, and the 50-day and 100-day simple moving averages (SMA). It also stabbed the important horizontal support zones formed by May High $ 111,965 and the high December of $ 109,364, according to the day -to -day chart from tradingview.
These breakdowns emphasize the growing weakness in the market, proving a bearish shift with key indicators of momentum such as the average moving guppy (GMMA) And the MacD Histogram.
The short -term exponential transfer of average (EMA) GMMA’s band (green) has crossed below the longer band (red)Signed a clear shift of bearish momentum. Meanwhile, the weekly MacD histogram drops below the zero, indicating a move from a bullish to a bearish trend.
Together, these signals indicate a possibility of a prolonged sale, which is potential driving the price up to 200-day simple moving average (SMA) at $ 101,366, and maybe at $ 100,000 mark.
The negative technical views are aligned with seasonal trends, showing September in history as a month bearish for Bitcoin. Since 2013, the BTC has delivered an average return of -3.49%, closing less than eight of the last 12 months of September, according to data from coinglass.
As for the Bulls, the overcome of the lower $ 113,510 set on August 28 is essential to neglecting the Bearish perspective.
- Support: $ 105,240 (The 38.2% FIB retracement of April-August Rally)$ 101,366 (the 200-day SMA)$ 100,000.
- Resistance: $ 110,756 (the lower end of the ichimoku cloud)$ 113,510 (the lower high)$ 115,938 (the 50-day SMA).
